The British Pound (GBP) is the official currency of the United Kingdom, commonly referred to as 'sterling' or 'cable' (referring to the GBP/USD pair) in forex markets. It is one of the oldest currencies still in circulation and ranks as the fourth most traded currency in the world. GBP is heavily influenced by Bank of England monetary policy, UK economic data, and political developments including Brexit-related news. Major GBP pairs include GBP/USD, EUR/GBP, and GBP/JPY.
Example
“GBP/USD surged 150 pips after the Bank of England raised interest rates by 50 basis points, exceeding market expectations of a 25-point hike.”